Getting an education is not cheap. Ask any college or university graduate who is overwhelmed with student loans. Where is the highest student debt? A city in the state of New York is among the worst places in the country.
WalletHub compared the median student loan balance to the median incomes of adults ages 25 and older with bachelor’s degrees in more than 2,510 US cities. Ithaca, New York is one of the worst places for student debt, a city that is home to both Cornell University and Ithaca College.
Ithaca Student Debt
The average debt in Ithaca, New York is just over $25,000, but the average income for those with a bachelor’s degree is only $32,000.
A 4-year bachelor’s degree and living expenses at Cornell University could cost up to $315,968 before grants or scholarships are awarded.
Ithaca College is a little more affordable with rates at $48,000 per year. Room and board cost about $16,000 more.
Debt of Syracuse and Utica
In Syracuse, the debt ratio is a bit higher than in Ithaca, with student loans near $21,000 and income near $44,000. Utica is even larger with debt of $18,000 and profits of nearly $42,000.
Student loans are the second most common form of household debt after mortgages, totaling a record $1.61 trillionor approximately $37,000 per borrower.
With such high tuition fees, how can anyone still afford to go to school? No one should have to spend their whole life working to pay off a student loan.
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